Tencent to spend $150m again on movies
Tencent Pictures, the Chinese internet giant’s upstart filmmaking unit, has set aside more than 1 billion yuan, or over $150 million, to finance Hollywood and Chinese film projects in 2017, an unnamed source at the company told Bloomberg News.
Tencent has already spent approximately $150 million on film financing in 2016, the source said.
The company was a co-financier of Legendary Entertainment’s Chinese box-office hit Warcraft (which grossed $220.8 million in the country) as well as the upcoming Kong:SkullIsland.
In September, Tencent Pictures announced an ambitious 21-film slate spanning projects of various genres, including TibetCode, a film adaptation of hit Chinese fantasy book series, and a 3D animation based on Tuzki, the popular rabbit emoticon used on WeChat, China's most popular messaging service (owned and operated by the Tencent parent company).